Mark Carney dons the check trousers

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Mark Carney has been caned over his muddled communication of interest rate
policy and teased by MPs for behaving like “an unreliable boyfriend”. But
while monetary policy seems to get more opaque, macroprudential policy —
tackling credit bubbles, in plain English — has become a little bit clearer.

The governor of the Bank of England has dozens of tools at his disposal. He
has finally got round to choosing which ones to use, picking out two
specific clubs from his capacious golfbag.

One was an order spelling out how high lenders must assume base rate could go
over five years when assessing